• NZD/USD has been trading in a narrow range after seeing rejection at 0.6874 (strong trendline resistance) on March 18th.
   
• Upside on the day seen capped by 5-DMA at 0.6776, while immediate support on the downside lies at 0.6746 (Mar 21st lows).
   
• Momentum studies are neutral, any further bullishness can be seen only on breaks above 0.6870.
   
• Earlier today rating agency S&P affirmed New Zealand ratings, outlook remains stable, noting both monetary and fiscal flexibility.
   
• Pair saw little impact, markets continue to digest recent action and rhetoric from Central Banks with a surprise cut from the RBNZ and surprise dovishness from last week's FOMC.